Back to the complete issue
Wednesday, 15 March 2023

Aman wants to launch in Saudi Arabia within 3 months. PLUS: Money GB Auto + Dara’s Ice Cream, FinMin appoints sukuk company board


Aman to launch in KSA within 3 months: Raya Holding’s non-banking financial services subsidiary Aman Financial Services intends to roll out installment services in Saudi Arabia within two to three months as part of its regional expansion plans, CEO Hazem Moghazi told Al Mal TV’s CEO Level program (watch, runtime: 27:58). The firm’s Saudi arm will be established in partnership with an undisclosed Saudi investor with a “large commercial presence,” Moghazi said, adding that the partners plan to launch other financial services in KSA in the future.

El Tarek Automotive customers can now make payments using valU: EFG Hermes Holding’s buy-now, pay-later platform valU has inked an agreement with El Tarek Automotive giving its customers access to valU’s payment solutions, according to a press release (pdf).


#1- The Finance Ministry has formed the general assembly of the state company responsible for issuing sovereign sukuk, according to a decision published in the Official Gazette. The Egyptian Financial Company for Sovereign Taskeek will be headed by Finance Minister Mohamed Maait and feature several other finance ministry officials. The officials will hold their seats for a three-year period.

Egyptian Company for Sovereign Taskeek? It is a Finance Ministry-owned joint-stock company for issuing sharia-compliant securities. The company issued the sukuk in Egypt’s debut USD 1.5 bn sale last month.

#2- valU, Azimut launch money market fund: EFG Hermes Holding’s buy-now, pay-later platform valU and Azimut Egypt have partnered to launch the AZ valU Fund, a money market fund for retail investors, according to a joint statement (pdf). Clients can subscribe to the fund at valU branches nationwide or Azimut’s Smart Village branch, with plans to launch subscription through the two firms’ apps in a second phase.


Germany grants EUR 6.5 mn to Ghabbour Auto, Dara’s Ice Cream to boost manufacturing jobs: The jobs investment arm of German development bank KfW will grant Dara’s Ice Cream EUR 5.5 mn towards a new EUR 13 mn ice cream factory, creating some 700 jobs, it said in a statement (pdf). Investing For Employment (IFE) will also provide EUR 1 mn to Ghabbour Auto subsidiary Ghabbour Foundation for Development for an EUR 1.3 mn project set to create some 500 jobs in the EV sector, the statement adds.

Egyptalum could partner with Emirati aluminum producer on new factory: The Public Enterprises Ministry has opened talks with aluminum conglomerate Emirates Global Aluminum to partner with Egyptalum to establish a new plant in Egypt, it said in a statement. EGA is jointly owned by Emirati sovereign funds Mubadala and the Investment Corporation of Dubai.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.